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Financings

RBI and CPE Announce Joint Venture to Reignite Growth at Burger King(TM) in China

By The Northwire Desk — AI Analysis Nov 10, 2025 · 06:30 QSP · 95.72 None
QSP · Price

Executive Summary

  • Restaurant Brands International (RBI) entered a joint venture with Chinese alternative‑asset manager CPE, receiving a $350 million primary capital investment.
  • The JV will expand Burger King China from ~1,250 restaurants to >4,000 locations by 2035, targeting a doubling of the footprint within five years.
  • Upon closing (expected Q1 2026), CPE will own ~83% of Burger King China and RBI will retain a ~17% minority stake and a board seat; royalties from the business will be recognized in RBI’s International segment.

Key Details

  • Investment Amount: $350 million primary capital from CPE to fund restaurant expansion, marketing, menu innovation, and operations.
  • Ownership Structure Post‑Closing: CPE – ~83%; RBI – ~17% (with board representation).
  • Growth Targets: >4,000 Burger King restaurants in China by 2035; double the current count within five years.
  • Strategic Rationale: Supports RBI’s goal of ≥5% net restaurant growth for 2024‑2028 and a shift toward a more franchised, simplified business model.
  • Master Development Agreement: A wholly owned affiliate of Burger King China will sign a 20‑year exclusive development agreement for the brand in China.
  • Royalty Recognition: RBI will begin recognizing royalties from the JV in its International segment, with a step‑up to full historical royalty rates over time.
  • Closing Timeline: Expected in Q1 2026, subject to customary regulatory approvals.
  • Advisors: Morgan Stanley (financial advisor to RBI); Kirkland & Ellis LLP and Haiwen & Partners (legal counsel to RBI); Morrison & Foerster LLP and JunHe LLP (legal counsel to CPE).

Notable Quotes

“China remains one of the most exciting long‑term opportunities for Burger King globally… our joint venture underscores our confidence in the Chinese market,” – Joshua Kobza, CEO, RBI

“Our investment reflects our confidence in Burger King's long‑term potential in China. Leveraging our commitment and deep understanding of the Chinese consumer, we aim to bring Burger King's flame‑grilled burgers to even more guests across the country,” – Mark Mao, Managing Director, CPE

Read the original news release →

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